The World's Largest 500 Asset Managers

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The world’s largest 500 asset managers Thinking Ahead Institute and Pensions & Investments joint research

3 EXECUTIVE SUMMARY

7 24 31 35 SECTION 1 SECTION 2 SECTION 3 SECTION 4 Total value of assets Analysis of the Passive Manager insights on largest 20 asset management the industry managers 37 48 SECTION 5 SECTION 6 Complete TAI /P&I Definitions and 500 ranking footnotes 52 SECTION 7 Thinking Ahead Group research team Limitations of reliance and contact details

© 2018 Willis Towers Watson. All rights reserved. 3 EXECUTIVE SUMMARY Executive summary: the numbers . Total discretionary Assets under Management (AUM) of the 500 managers included in the ranking amounted to US$ 93.8 trillion at Assets under the end of 2017, up 15.6% from the end of 2016. Median AUM was Management grew at US$ 43.9 billion in 2017, up from US$ 38.6 billion last year. their fastest rate since . BlackRock has retained its position as the largest asset manager in 2009 the ranking since 2009. For the fourth consecutive year, Vanguard and State Street complete the top three. BlackRock remained in the top spot, . AUM growth by region ranged from 9.6% in the U.K. to 15.9% for the increasing their AUM rest of the world category. North America and Europe grew at 15.1% and 15.8% respectively while Japan grew at 12.6%. by 22.2% in 2017

. Participation of managers from developing countries remained the AUM for North America same as in 2016. However, their assets under management grew to reached US$ 54.5 US$ 3.5 trillion (14.1%). trillion at the end of 2017. Its participation in the total AUM decreased slightly, to 58.1%

© 2018 Willis Towers Watson. All rights reserved. 4 EXECUTIVE SUMMARY Executive summary: the numbers . The top 20 managers’ share of the total assets increased for the fourth consecutive year, reaching 43.3%. Their AUM increased by Europe managers 18.3% to US$ 40.6 trillion. Top 20 managers also experienced the increased their fastest growth in AUM. participation in the Top 20 by one . U.S. managers dropped a member in the Top 20. The spot was member, to 8 filled by a European manager. Manager Participation is 12 U.S. to 8 Europe, with an AUM distribution of 69.8% to 30.2%. Independent . Independent asset managers made the majority (10) of the Top managers 20 ranked members followed by banks (7) and insurer-owned comprised half of the managers (3). This has remained unchanged since last year. Top 20 segment . Traditional asset classes1 of equity and fixed income continue to make up the majority of assets: 79.1% of all assets (46.5% equity, Passive investments 32.6% fixed income), experiencing an increase of 18.7% combined continues to outgrow during 2017. Active investments

Equity assets grew 22% in 2017

© 2018 Willis Towers Watson. All rights reserved. 5 EXECUTIVE SUMMARY Executive summary: the backdrop . The asset management industry is facing a period of massive change and disruption resulting from the confluence of several Firms face a period global megatrends: technological, demographic, economic, of massive change environmental and social and disruption resulting from the . This is not just an investment challenge – these trends have confluence of global implications for every aspect of the asset manager’s structure: business model; operating model; people model; investment megatrends model; and distribution model Successful firms . The successful asset management firms over the next few years won’t dodge industry won’t dodge these industry realities realities . Firms must find a response to the fast-evolving challenges presented by sustainability, technology and the shift away from Culture, traditional investment models sustainability, and technology are . The importance of culture will only grow – culture will be less and among the key less a by-product and increasingly explicit and by-design issues that must be addressed

Total value of assets managed Split by manager domicile

100,000

90,000 4,878 . AUM of the world’s top 500 80,000 4,210 managers increased by 3,759 3,508 3,608 15.6% in 2017. 70,000 3,583 . The AUM increases for 3,292 54,549 managers in Europe 60,000 3,032 3,308 (including U.K.), North America and Japan2 were 2,426 42,020 44,458 47,399 50,000 43,990 15.8%, 15.1% and 12.6% in 35,905 33,520 30,557 33,143 2017. Assets for UK US$ US$ billion 40,000 23,895 managers increased by 9.6%. 4,517 30,000 4,560 3,902 4,023 3,748 . Assets managed by firms in 4,300 4,963 4,820 4,290 5,278 the Rest of the world 20,000 category increased by 15.9% 29,884 24,075 23,987 26,340 25,950 25,095 25,806 during 2017. 10,000 22,745 22,935 21,361

0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Europe (inc U.K.) Japan North America Rest of the world

100.0% 5.2% 5.6% 5.4% 5.4% 5.2% 5.7% 6.0% 5.8% 5.9% 5.6%

80.0% 29.0% 28.8% 28.2% 33.6% 32.7% 31.5% 32.8% 31.0% 31.1% 29.5%

60.0% 23.0% 22.9% 22.5% 22.3% 22.2% 22.9% 23.2% 22.8% 21.5% 23.1%

40.0%

41.9% 42.3% 43.3% 20.0% 38.3% 40.2% 40.7% 38.7% 41.4% 41.0% 41.6%

0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Top 20 managers Managers 21-50 Managers 51-250 Managers 251-500

. AUM for Top 20 managers increased for the fourth year running. Their growth rate of 18.3% in 2017 was the largest of the four groups, followed by managers between 21-50, growing at 15.4%. In contrast to last year. The 251-500 bracket grew slowest of all, at 10.4%. . For the second year in a row, total AUM for all segments, in dollar terms, increased in 2017.

45,000 30%

40,000 20% 35,000

30,000 10%

25,000 0%

20,000 US$ US$ billion

15,000 -10%

10,000 -20% 5,000

0 -30% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Median AUM 500 Growth Median Growth

. Median assets under management for the Top 500 reached US$ 43.9 billion in 2017, up 13.9% since 2016. . Over the past ten years, median AUM growth had a similar shape to the 500 growth, albeit exhibiting more extreme values.

Five year intervals (2007 to 2017, in USD) 41.59%

11.32% 7.99% 7.75% 6.37% 3.89% 3.46% 5.36% 2007 1.00% 1.76% 0.65% 0.35% 2.63% 0.79% 1.32% 1.40% 0.53% 1.85%

48.68%

7.44% 7.70% 7.88% 7.06% 4.29% 1.28% 2012 1.47% 0.30% 1.09% 3.89% 0.60% 2.21% 0.71% 2.43% 1.22% 1.17% 0.58%

53.22%

7.40% 7.71% 6.45% 4.91% 4.81% 4.00% 1.80% 2017 1.40% 0.09% 0.88% 1.17% 1.56% 0.83% 2.04% 0.48% 0.71% 0.55%

. The last decade has seen an increase in the representation of managers from North America (particularly U.S.) and emerging markets such as Brazil, China and South Korea. In contrast, asset managers from Japan and some other European markets have lost market share during this period.

21.7% China 22.4%

21.6% India 25.3%

12.1% Denmark 14.3%

11.6% Canada 16.9%

9.7% South Korea 9.7%

8.5% US 8.5% 5 year CAGR to 2017 in USD UK 6.4% 10.3% 5 year CAGR to 2017 in LC 5.5% Australia 11.7%

5.2% Sweden 10.2%

5.1% Switzerland 6.5%

3.5% Euro countries 5.6%

2.0% Brazil 12.3%

-1.3% Japan 4.2%

-4.8% Norway 2.8%

-11.5% South Africa -4.6%

-15% -10% -5% 0% 5% 10% 15% 20% 25% 30% . The increasing strength of the USD has generally had a dampening affect on the growth rate in assets recorded by asset managers in the survey. This is particularly evident in Australia, Canada, the Eurozone, Japan and emerging markets such as Brazil and South Africa.

55,000

50,000 4,280

45,000 3,581 . Equity and fixed income assets continue to dominate with a 3,404 2,820 40,000 79.1% share of AUM. 2,988 3,061 3,265 2,658 . Year-on-year AUM growth in 3,232 3,142 35,000 2,411 2017 was led by the Other 3,208 2,167 2,206 asset class, by 25.7%, closely 2,009 16,602 followed by Equities with 22%. 30,000 Fixed income grew 14.2%. 14,532 13,747 . The average asset allocation, US$ US$ billion 25,000 13,874 12,706 for 2017 was 46.3% Equity, 27.3% Fixed Income, 15.8% 20,000 Alternatives, 2.5% Cash and 8.1% Other.

15,000

23,689 10,000 19,417 17,798 18,687 18,371

5,000

0 2013 2014 2015 2016 2017

Equity (inc REITS) Fixed Income Alternatives Cash Other

Equity (inc REITS) Fixed Income Alternatives 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 -5.00%

Cash Other Total 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017 -5.00%

. Generally, equities experienced a 45% very good performance over 2017.

40% . Asia (ex Japan) experienced the best performance across the 35% different benchmarks, with returns of 42.1%. 30% . The U.S., with returns of 21.9%, 25% was the region that performed 20% worst.

15%

10%

MSCI USA (Unhedged) MSCI Europe (Unhedged) MSCI AC Asia ex Japan (Unhedged) MSCI EM (Emerging Markets) (Unhedged) MSCI AC World (Unhedged)

. Bonds grew over 2017 but at a 12% slower rate than equities.

10% . The J.P. Morgan EMBI Global Core USD Index outperformed the 8% other benchmarks, experiencing returns of 9.9% over the year. 6% . On the other hand, the Bloomberg Barclays US Aggregate 4% (Unhedged) performed the worst, with returns of 3.5% in 2017. 2%

JPMorgan EMBI Global Core USD Bloomberg Barclays US Aggregate (Unhedged) iBoxx $ Corporates (Unhedged) Bloomberg Barclays US Corporate High Yield (Unhedged)

45,000

40,000 8,691 . Mutual Funds/UCITs comprised 42.4% of surveyed 35,000 assets in 2017. Its participation 7,383 has been steadily growing in 7,421 7,149 the last five years, increasing 30,000 7,015 by 310bps. . Year-on-year AUM growth in 25,000 18,453 2017 was led by the Mutual Funds/UCITs, by 23.4%, 14,959 followed by Other 20,000 13,926 14,048

US$ US$ billion 12,802 pooled/commingled and Separate accounts, by 17.7% 15,000 and 15.4% respectively.

10,000 16,426 14,237 12,761 13,464 13,357 5,000

0 2013 2014 2015 2016 2017 Separate Accounts Mutual Funds/UCITs Other pooled/commingled

60,000

1,569 50,000 1,741 . The U.S. still represents 909 3,015 the biggest client base for managers, with firms 1,418 1,445 4,755 receiving 59.3% of their 1,297 1,324 725 40,000 1,715 1,510 assets from that country, 1,221 699 702 2,596 1,937 2,171 2,384 decreasing slightly since 664 4,146 7,821 2,264 last year. Europe 4,392 4,315 (excluding the U.K.) 3,807 1,291 30,000 6,083 increased its participation 6,106 5,891 from 13.9% to 15.1%. 5,961 1,111 US$ US$ billion 1,098 1,028 Australia also increased 699 its participation slightly, 20,000 finishing 2017 at 1.8%.

30,732 . After experiencing a two- 26,350 year consecutive 24,215 22,486 24,058 10,000 decrease in assets received from U.K. clients, this years’ assets from the region showed 0 an increase of 14.7%. 2013 2014 2015 2016 2017

U.S. Canada Europe (ex U.K.) U.K. Japan Australia Other Asia (ex Japan)

16,000

14,000 . The Other category represents 43.5% of managed assets. It 12,000 6,500 experienced a 19.1% growth in assets in 2017. 10,000 4,969 4,924 5,047 . Banks and Endowment & 4,914 Foundations also 8,000 experienced a sharp 2,845 increase in 2017, with assets up 26.2% and 6,000 2,497 2,511 2,404

US$ US$ billion 2,158 494 18.3% respectively. 439 428 415 1,156 412 . However, Endowments & 4,000 836 864 916 891 Foundations along with 2,670 Central Banks, Sovereign 2,249 2,244 2,454 2,000 1,795 wealth funds and 833 871 Government retirement 777 775 831 plans together only 0 479 489 417 406 445 2013 2014 2015 2016 2017 represent 19.6% of all client categories, with Central banks Sovereign wealth funds participations of 3.3%, Non-affiliated insurance companies Government retirement plans 3.0%, 5.6% and 7.7% Endowments & foundations Non-government retirement plans respectively. Other

1,600 16% . In 2017 the sum of assets managed for High-Net- 1,420 Worth individuals 1,400 14% represents 7.7% of the 1,240 sum of total assets for 1,200 1,157 12% companies that provided 1,078 a response to their HNWI 1,017 assets. This value has 1,000 10% been in the range of 7.3% to 8% in the five year 800 8% period.

US$ billion US$ . For companies that 600 6% manage assets for HNWI, the average allocation in 2017 was 9.4%. 400 4% However, the median was only 1.9%, as a few 200 2% companies have very high exposure to HNWI investments. 0 0% 2013 2014 2015 2016 2017 . Growth rates of HNWI have generally surpassed Dollar amounts managed for High-Net-Worth Individuals Growth rate growth of the Top 500.

Dollar amount invested in Factor-based strategies

. Assets allocated to factor based strategies grew by 14.5% in 2017, slightly below the total growth rate of 2017 1,803 15.6%. . Based on responses provided, allocation of managers who apply factor based strategies has increased 2016 1,575 over the past year, as shown on the table below: N=65 25th percentie Median 75th percentile Average

0 500 1,000 1,500 2,000 US$ billion 2016 0.8% 2.6% 7.3% 12.1%

Dispersion on Factor-based strategies allocation in 2017 1.2% 3.0% 8.6% 13.1% 2017 . It’s noteworthy that the average allocation to factor 100% based strategies is much higher than the median. This is because of a few managers that allocate close 80% to 100% to these strategies. Dispersion of allocation is shown on the left. Removing the seven outliers that have an allocation higher to 20% would result in an 60% average of 4%.

40%

20%

. Assets allocated to ESG principles grew by 10.7% in 2017 6,555 2017, below the total growth rate of 15.6%. . Based on responses provided, allocation of managers who have ESG principle investing has moderately increased over the past year, as shown on the table 2016 5,921 below: N=104 25th percentile Median 75th percentile Average

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 US$ billion 2016 2.0% 13.8% 88.8% 36.8%

2017 2.4% 15.7% 99.0% 39.7% Dispersion on ESG Principles allocation in 2017 . Managers that follow ESG principles have a wide 100% dispersion in their asset allocation as shown by the graph on the left. The definition of ESG principles 80% relates to partial or exclusive use of ESG criteria in security selection, which allows for broad 60% interpretations, which could explain the dispersion.

40%

20%

0.0% 0.0% -0.6% -2.0% -1.3% -1.9% -1.9%

-4.0% -3.5%

-4.5% -4.6% -5.3% -6.0% -5.5%

-7.3% -8.0% -7.4%

-9.2% -10.0% . Considering currency variations in main markets, all currencies (with the exception of the Korean Won) depreciated against the US dollar over the 5 year period 2012-2017. . However, some currencies like the Rand, Norwegian Krone and Real depreciated in excess of 7% while others, like the Renminbi, Swiss Franc, Danish Krone and Euro depreciated less than 2%. . Over the last year only the Real depreciated against the dollar (1.7%). The Euro, Danish Krone and Won appreciated 13%. The British Pound also made up some of its losses, appreciating 9.7% over 2017.

. In 2017, there were 12 U.S. 45,000 managers in the Top 20 accounting for 69.8% of Top 20 assets (down from 40,000 13 managers and 72.8% of assets at the end of 2016). 35,000 The remaining assets were 12,270 managed by European firms, of which only one 30,000 9,332 was from the U.K.. 656 11,191 9,965 10,474 . Assets of 2017 U.S. Top 20 25,000 693 companies increased 10,124 17.5% (from US$ 24,110bn 9,842 to US$ 28,334bn) in the 20,000 9,276 8,040 US$ US$ billion year while assets of 2017 European (including UK) 15,000 10,061 28,334 Top 20 companies 24,993 increased 20.2% (from US$ 22,190 10,209bn to US$ 12,270bn) 10,000 20,852 21,280 18,158 in the same period. 15,610 15,814 15,679

10,393 . The Top 20 has been 5,000 consistently outgrowing the Top 500. In 2017 Top 20 0 managers grew by 18.3% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 versus 15.6% of the Top US Europe (inc U.K.) Japan 500.

21.7% Growth of Top 20

18.3% 15.9%

11.9% 15.6% 16.1% 5.7% 10.8% 6.7% 8.3% 3.7% 5.8%

4.4% -2.1% -1.0% 2.1%

-1.7% Growth of Top 500 -7.2%

-21.4%

-23.1%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 . In 8 of the last 10 years, the growth in assets managed by the largest 20 firms has exceeded the growth rate of the broader group of 500 firms. This happened for the fourth consecutive instance in 2017, with Top 20 managers growing by 18.3% compared to 15.6% for the Top 500. Further, the 10-year CAGR of the Top 500 was 3.1% versus 4.6% of the Top 20.

Growth of 500 Growth of Top 20 18.3% 15.6%

13.2% 14.40% 10.9% LC 10.8%

11.9% 7.5% 8.0% USD 7.8% 8.4% 9.4% 5.8% 6.7% 1.7% 3.7% 2.1% 2.5%

-1.0% -1.7% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

5 year CAGR for the Top 500 5 year CAGR for the Top 20 • in USD: 6.6% • in USD: 7.5% • in local currency: 8.4% • in local currency: 8.3%

. Asset growth in local currency terms in 2017 was 10.9% for the Top 500 and 14.4% for the Top 20. . The depreciation of the US dollar relative to most currencies during the year impacted the growth rates of the 305 non- US managers in US dollar terms, heightening their asset growth during the year. This reverts the tendency of the last few years when the US dollar appreciated against foreign currencies.

6 7 8 8 15 9 9 9 9 10 10

3 3 10 3 4 3 3 3 3 3 3

5 11 10 9 8 8 8 8 8 7 7

0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Bank Insurer Independent . Over the last 10 years there has been an increase of Independent managers in the Top 20, in detriment of Banks. . The breakdown between manager type remains the same as last year even though there was one new entrant to the Top 20 in 2017. . Distribution of assets vary by manager type, with Independent managers dominating the Top 20, amounting to 60.4% of assets even though they make up only half of the companies. Bank assets represent 26.1% of assets while making up 35% of the companies and Insurers manage 13.5% of assets while representing 15% of companies. . The average Independent manager had $2.4 trillion assets under management as of the end of 2017, while the average Insurer had $1.8 trillion and the average Bank $1.5 trillion. . Independent manager assets grew by 21.2%, faster than Insurers (15.7%) and Banks (13.4%).

AUM % change in USD Local currency

Vanguard Group 17% 17% Dimensional Fund Advisors 17% 17% Eaton Vance 17% 17% Legal & General Group 15% 19% Wells Fargo 14% 14% Affiliated Managers Group 14% 14% Morgan Stanley 13% 13% AMUNDI 12% 14% Goldman Sachs Group 12% 12% Sumitomo Mitsui Trust Holdings 12% 18% T. Rowe Price 11% 11% Principal Financial 11% 11% BlackRock 11% 11% Aegon Group 10% 12% New York Life Investments 9% 9% Capital Group 9% 9% Schroder Investment Mgmt. 9% 13% Northern Trust Asset Mgmt. 9% 9% MassMutual 9% 9% Royal Bank of Canada 8% 13% * Based on USD asset growth.

Manager Market Rank change Manager Market Rank change

Eaton Vance U.S. +31 (81→50) Principal Financial U.S. +5 (43→38)

Dimensional Fund Advisors U.S. +21 (63→42) MassMutual U.S. +5 (37→32)

AMUNDI France +4 (14→10) Affiliated Managers Group U.S. +13 (41→28)

New York Life U.S. +4 (49→45) Wells Fargo U.S. +12 (31→19) Investments

Schroder Investment U.K. +4 (45→41) Legal & General Group U.K. +9 (24→15) Mgmt.

Morgan Stanley U.S. +9 (35→26) Capital Group U.S. +3 (11→8)

Sumitomo Mitsui Trust Northern Trust Asset Japan +9 (38→29) U.S. +2 (19→17) Holdings Mgmt.

T. Rowe Price U.S. +8 (29→21) Wellington Mgmt. U.S. +2 (20→18)

Vanguard Group U.S. +1 (3→2) Aegon Group Netherlands +6 (28→22) Royal Bank of Canada Canada +1 (48→47) Goldman Sachs Group U.S. +5 (16→11)

30,000

25,000 . Passive assets experienced a year-on- year AUM growth of 25% in 2017, with Active assets growing 16.9% in the same period. 20,000 . In 2017, active strategies continued to have a dominant share of AUM. That 21,584 said, the proportion of passively managed assets has consistently 15,000 increased from 19.5% to 22.4% over the 18,471 18,178 18,021 last 5 years. 17,139

10,000

5,000

6,239 4,992 4,162 4,516 4,548

0 2013 2014 2015 2016 2017

Passive Active

50.6%

Growth of leading passive managers3 19.5% 16.1% 16.4% 11.4% 11.7% 9.9% 15.6% 6.8% 11.9% 2.1% 8.3% -0.1% -0.8% 5.8% 4.4%

-1.7% -2.5% Growth of 500

-18.2%

-23.1%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

10yr CAGR of Top 500: 3.1% . Leading passive managers have been growing at a faster rate than the Top 500 managers in the last ten years. 10yr CAGR of leading passive: 9.5%

20,000 19,891

18,000 16,651

16,000 15,267 15,147

13,673 14,000

11,748 12,000 10,557 10,543 9,881 10,000

US$ billion US$ 8,000 6,563 6,000

4,000

2,000

0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Annual growth rate -18.2% 50.6% 6.8% -0.1% 11.4% 16.4% 11.7% -0.8% 9.9% 19.5% 10yr CAGR: 9.5%

. Total assets managed by leading passive asset managers3 grew at a faster rate (19.5%) in 2017 than those of the Top 500 (15.6%). . Increase in assets in the year 2017 was larger than the compound annual growth rate (9.5%) over the past ten years.

1% Level of client interest in sustainable investing, including voting 18% 51% 30%

1% Resources deployed to technology and big data 25% 56% 18%

1% 1% Number of product offerings across the firm 33% 59% 6%

1% 2% Aggregate investment management fee level across the firm 26% 63% 9%

2% Level of regulatory oversight 39% 35% 25%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Significant decrease Moderate decrease Remained the same Moderate Increase Significant Increase

. Client interest in sustainable investing, including voting, increased across 81% of the firms surveyed. . 74% of managers increased resources deployed to technology and big data. . The number of product offerings during the year increased across 65% of surveyed firms. . Aggregate investment management fee levels decreased for 27% of the surveyed managers and only increased for 11% of the managers over the year. This gap got smaller since last year. . 60% of managers surveyed experienced an increase in the level of regulatory oversight.

Ranking 2017 Firms 1 to 50

Rank Manager Market Total assets Rank Manager Market Total assets 1. BlackRock U.S. $6,288,195 26. Morgan Stanley U.S. $935,501 2. Vanguard Group U.S. $4,940,350 27. M&G Prudential U.K. $907,457 3. State Street Global U.S. $2,781,693 28. Affiliated Managers Group U.S. $836,300 4. Fidelity Investments U.S. $2,448,807 29. Sumitomo Mitsui Trust Holdings Japan $791,467 5. Allianz Group Germany $2,358,037 30. Standard Life Aberdeen U.K. $780,551 6. J.P. Morgan Chase U.S. $2,034,000 31. Sun Life Financial Canada $778,161 7. Bank of New York Mellon U.S. $1,892,941 32. MassMutual U.S. $771,000 8. Capital Group U.S. $1,778,134 33. Legg Mason U.S. $767,241 9. AXA Group France $1,731,232 34. Manulife Financial Corp. Canada $756,477 10. AMUNDI France $1,709,475 35. Franklin Templeton U.S. $753,766 11. Goldman Sachs Group U.S. $1,494,000 36. Ameriprise Financial U.S. $714,300 12. Deutsche Bank Germany $1,453,321 37. Nippon Life Insurance Japan $701,396 13. BNP PARIBAS France $1,432,968 38. Principal Financial U.S. $668,600 14. Prudential Financial U.S. $1,393,628 39. Mitsubishi UFJ Financial Group Japan $663,782 15. Legal & General Group U.K. $1,333,162 40. MetLife U.S. $663,451 16. UBS Switzerland $1,254,401 41. Schroder Investment Mgmt. U.K. $589,470 17. Northern Trust Asset Mgmt. U.S. $1,161,000 42. Dimensional Fund Advisors U.S. $577,096 18. Wellington Mgmt. U.S. $1,080,307 43. Great-West Lifeco Canada $557,839 19. Wells Fargo U.S. $1,040,900 44. Generali Group Italy $555,823 20. Natixis Global Asset Mgmt. France $997,849 45. New York Life Investments U.S. $542,890 21. T. Rowe Price U.S. $991,100 46. Asset Management One Japan $520,400 22. Aegon Group Netherlands $982,916 47. Royal Bank of Canada Canada $515,871 23. Nuveen U.S. $970,459 48. Crédit Suisse Switzerland $464,156 24. HSBC Holdings U.K. $943,000 49. Blackstone Group U.S. $434,100 25. Invesco U.S. $937,598 50. Eaton Vance U.S. $432,200

Ranking 2017 Firms 51 to 100

Rank Manager Market Total assets Rank Manager Market Total assets 51. Aviva U.K. $426,634 76. BMO Global Asset Mgmt. Canada $260,000 52. Federated Investors U.S. $397,570 77. La Poste France $259,865 53. Nordea Denmark $397,498 78. Sumitomo Life Insurance5 Japan $256,320 54. Union Investment Germany $392,685 79. Dekabank Group Germany $253,356 55. Landesbank Baden-Württemberg Germany $387,445 80. Guggenheim Investments U.S. $250,831 56. Eurizon Capital SGR Italy $384,909 81. Lazard U.S. $249,459 57. Nomura Asset Mgmt. Japan $371,212 82. TD Asset Mgmt. Canada $244,175 58. Macquarie Group Australia $368,912 83. Baillie Gifford U.K. $235,336 59. Charles Schwab Investment U.S. $360,662 84. SEI Investments U.S. $232,037 60. Geode Capital Mgmt. U.S. $359,367 85. Swiss Life Asset Managers Switzerland $229,410 61. Janus Henderson Group U.K. $356,953 86. Mercer U.S. $227,455 62. Meiji Yasuda Life Insurance5 Japan $327,188 87. AQR Capital Mgmt. U.S. $224,043 63. Shinkin Central Bank5 Japan $326,060 88. SEB Sweden $223,827 64. Dodge & Cox U.S. $315,953 89. Banco Santander Central Hispano Spain $218,961 65. Voya Financial U.S. $307,980 90. Samsung Group South Korea $205,272 66. MEAG Germany $303,753 91. TCW Group U.S. $204,592 67. Russell Investments U.S. $296,589 92. Pictet Asset Mgmt. Switzerland $197,530 68. Zürcher Kantonalbank Switzerland $296,242 93. Robeco Groep Netherlands $193,401 69. NN Investment Partners Netherlands $295,958 94. Itau Unibanco Brazil $190,318 70. Neuberger Berman U.S. $295,170 95. Banco Bradesco6 Brazil $178,201 71. Brookfield Asset Mgmt. Canada $283,141 96. American Century U.S. $173,312 72. Zurich Financial Services Switzerland $282,341 97. Colonial First State Australia $170,829 73. Société Générale France $276,708 98. Resona Holdings Japan $170,813 74. Banco do Brasil5 Brazil $274,366 99. Kohlberg Kravis Roberts U.S. $168,471 75. Stifel Financial U.S. $272,600 100. Scotiabank7 Canada $164,987

Ranking 2017 Firms 101 to 150

Rank Manager Market Total assets Rank Manager Market Total assets 101. NISA Investment U.S. $162,809 126. Groupama Asset Mgmt. France $120,113 102. GAM Holding Switzerland $162,807 127. LSV Asset Mgmt. U.S. $118,358 103. Bridgewater Associates U.S. $161,131 128. Covéa Group France $117,782 104. Lord, Abbett U.S. $157,708 129. Payden & Rygel U.S. $117,100 105. Landesbank Hessen-Thüringen8 Germany $156,400 130. Caixabank Spain $116,160 106. Mn Services Netherlands $155,197 131. Willis Towers Watson Ireland $115,700 107. Royal London Group U.K. $153,987 132. Artisan Partners U.S. $115,494 108. Swedbank Sweden $153,132 133. First Eagle Investment U.S. $114,493 109. China Asset Mgmt. China19 $153,023 134. CI Financial Canada $114,178 110. NAB Asset Mgmt.9 Australia $152,900 135. Mesirow Financial U.S. $114,084 111. Harvest Fund Mgmt. China19 $151,807 136. Man Group U.K. $109,100 112. PNC Financial U.S. $151,053 137. Fidelity WorldWide investments U.K. $108,276 113. Danske Bank Denmark $147,218 138. Caixa Economica Federal6 Brazil $107,386 114. EFG International Switzerland $145,687 139. Ares Mgmt. U.S. $106,491 115. Edmond de Rothschild Group France $140,939 140. CBRE Global Investors U.S. $103,200 116. Investec Asset Mgmt. South Africa $140,500 141. Pearl Group U.K. $100,331 117. Nationwide U.S. $140,480 142. Fiera Capital Canada $100,260 118. BBVA Spain $137,815 143. Oaktree Capital U.S. $100,228 119. PRIMECAP U.S. $135,333 144. Anima Holding Italy $99,863 120. CIBC Asset Mgmt. Canada $133,034 145. Arrowstreet Capital U.S. $97,465 121. Raymond James U.S. $130,310 146. Mirae Asset Financial Group South Korea $97,013 122. Talanx Group Germany $129,789 147. Bayerischen Landesbank Germany $96,246 123. Union Bancaire Privée Switzerland $128,528 148. Robert W. Baird U.S. $96,006 124. Vontobel Asset Mgmt. Switzerland $127,282 149. Fisher Investments U.S. $95,713 125. IGM Financial Group Canada $124,943 150. OP Financial Group Finland $93,840

Ranking 2017 Firms 151 to 200

Rank Manager Market Total assets Rank Manager Market Total assets 151. Metzler Asset Mgmt.10 Germany $91,434 176. E Fund Mgmt. China19 $73,976 152. Virtus Investment U.S. $90,963 177. William Blair U.S. $73,554 153. Baloise Asset Mgmt. Switzerland $90,949 178. Sanlam South Africa $73,122 154. Pacific Life U.S. $90,000 179. Oddo France $72,185 155. Wilmington Trust U.S. $89,230 180. Guardian Life U.S. $71,500 156. Storebrand Group Norway $88,826 181. CCB Principal Asset Mgmt. China19 $71,169 157. BCV Switzerland $88,718 182. F Van Lanschot Netherlands $70,861 158. Hanwha Group South Korea $86,769 183. Industrial Alliance Insurance Canada $70,850 159. Pacific Century Group Hong Kong $85,300 184. Monte dei Paschi di Siena Italy $70,500 160. China Universal Asset Mgmt. China19 $84,261 185. Grantham, Mayo v. Otterloo U.S. $70,353 161. OFI AM France $84,216 186. Ashmore Group U.K. $69,500 162. New England Asset Mgmt. U.S. $83,784 187. Income Research & Mgmt. U.S. $69,256 163. Waddell & Reed U.S. $81,082 188. Carmignac France $68,039 164. Rothschild & Co. France $80,967 189. Jupiter Asset Mgmt. U.K. $67,982 165. PFM Asset Mgmt. U.S. $80,608 190. QIC Australia $66,493 166. IFM Investors Australia $78,781 191. UBI Banca Italy $66,458 167. Securian Financial Group U.S. $78,600 192. ASR Netherlands $66,169 168. Erste-Sparinvest Kapitalanlage Austria $76,179 193. ACTIAM Netherlands $65,087 169. Crédit Mutuel France $75,794 194. KBL Luxembourg $64,846 170. Sumitomo Mitsui Asset Mgmt. Japan $75,781 195. Brown Brothers Harriman U.S. $64,407 171. Bank of China Investment China19 $75,708 196. Record Currency Mgmt. U.K. $63,927 172. Banco BPM9 Italy $75,072 197. Marathon-London U.K. $63,012 173. BT Investment Mgmt.9 Australia $75,002 198. Mondrian Investment Partners U.K. $62,751 174. Svenska Handelsbanken Sweden $74,854 199. Cohen & Steers U.S. $62,106 175. Partners Group Switzerland $74,471 200. LGT Group Liechtenstein $62,098

Ranking 2017 Firms 201 to 250

Rank Manager Market Total assets Rank Manager Market Total assets 201. Victory Capital U.S. $61,771 226. China Southern Fund Mgmt. China19 $52,253 202. Versicherungskammer Bayern Germany $61,541 227. KB Asset Mgmt. South Korea $51,096 203. Brown Advisory U.S. $60,893 228. Northill Capital U.K. $51,018 204. Reliance Capital India $59,590 229. Hamilton Lane U.S. $50,295 205. Fukoku Mutual Life Insurance Japan $59,502 230. Berenberg Asset Mgmt. Germany $49,928 206. Connor, Clark & Lunn Financial Canada $59,288 231. Coronation Fund Managers South Africa $49,677 207. Truvalue Asset Mgmt. China19 $59,127 232. ICBC Credit Suisse Asset Mgmt. China19 $49,570 208. LaSalle Investment U.S. $59,026 233. HarbourVest Partners U.S. $49,565 209. Causeway Capital U.S. $58,964 234. Thornburg Investment U.S. $49,441 210. Hines U.S. $58,878 235. Asahi Mutual Life Insurance Japan $49,231 211. American Beacon Advisors U.S. $57,813 236. STANLIB South Africa $49,000 212. Mediolanum Italy $57,247 237. Pathway Capital U.S. $48,262 213. Tokio Marine Holdings 9 Japan $57,000 238. Folksam Sweden $48,205 214. Achmea Netherlands $56,857 239. Warburg Gruppe Germany $47,281 215. Fort Washington U.S. $56,303 240. Lombard Odier Investment11 Switzerland $47,185 216. Starwood Capital U.S. $55,939 241. J. Safra Sarasin Group6 Switzerland $46,582 217. Sterling Capital U.S. $55,908 242. Patrizia Immobilien Germany $46,559 218. Renaissance Technologies U.S. $55,305 243. Desjardins Group Canada $46,476 219. Daiwa SB Investments Japan $55,008 244. D.E. Shaw Group U.S. $46,272 220. Challenger11 Australia $54,814 245. Prologis U.S. $46,219 221. Bosera Asset Mgmt. China19 $54,200 246. HDFC Asset Mgmt. India $45,573 222. RhumbLine Advisers U.S. $53,619 247. Magellan Asset Mgmt. Australia $45,307 223. Old Mutual Investment Group South Africa $53,165 248. Van Eck Associates U.S. $44,534 224. Sompo Japan Nipponkoa5 Japan $52,868 249. Hermes Investment Mgmt. U.K. $44,067 225. National Bank of Canada7 Canada $52,321 250. River and Mercantile U.K. $43,981

Ranking 2017 Firms 251 to 300

Rank Manager Market Total assets Rank Manager Market Total assets 251. Shinhan BNPParibas South Korea $43,842 276. Kiwoom AMC South Korea $36,782 252. GAMCO Investors U.S. $43,063 277. Nürnberger Germany $35,499 253. KBC Group Belgium $42,666 278. Quoniam Asset Mgmt. Germany $35,488 254. SECOR Asset Mgmt. U.S. $42,643 279. StepStone Group U.S. $35,105 255. Korea ITMC South Korea $42,340 280. Fullgoal Fund Mgmt. China19 $34,958 256. Gruppo Azimut Italy $42,318 281. Royal Bank of Scotland U.K. $34,709 257. Westpac Banking9 Australia $41,572 282. Mirabaud Group Switzerland $34,158 258. Alan Biller U.S. $40,843 283. Comgest France $34,047 259. Universal-Investment Germany $40,562 284. Matthews International U.S. $33,966 260. Colchester Global Investors U.K. $40,499 285. Stone Harbor Investment U.S. $33,948 261. Bank Degroof Petercam Belgium $40,490 286. Mawer Investment Mgmt. Canada $33,732 262. DNB Norway $40,400 287. Breckinridge Capital U.S. $33,359 263. GF Fund Mgmt. China19 $40,202 288. Northern Cross U.S. $33,202 264. Raiffeisen Zentralbank Austria $39,581 289. Alexander Forbes 5 South Africa $32,635 265. Heitman U.S. $38,874 290. Caixa Geral de Depósitos 11 Portugal $32,628 266. HUK Coburg Germany $38,548 291. Banco Sabadell Spain $32,576 267. Pzena Investment U.S. $38,543 292. State Bank of India India $32,351 268. Silchester International Investors LLP12 U.K. $38,371 293. Allan Gray Proprietary South Africa $32,278 269. Strategic Investment Group U.S. $38,194 294. Jarislowsky, Fraser Canada $32,147 270. Arca SGR Italy $38,065 295. Hotchkis & Wiley U.S. $32,037 271. Birla Sun Life Asset Mgmt. India $37,998 296. Tian Hong Asset Mgmt. China19 $31,887 272. Orbis Investments Bermuda $37,840 297. Adams Street Partners U.S. $31,848 273. Commerzbank Germany $37,295 298. Uniqa Finanz Group Austria $31,047 274. Bank Syz Switzerland $37,235 299. First Pacific Advisors U.S. $31,035 275. Fifth Third Bancorp U.S. $37,000 300. Boston Private Financial U.S. $30,485

Ranking 2017 Firms 301 to 350

Rank Manager Market Total assets Rank Manager Market Total assets 301. Penghua Fund Mgmt. China19 $30,454 326. Shenkman Capital U.S. $26,587 302. Ameritas Mutual Holding U.S. $30,300 327. Blue Sky Group Netherlands $26,468 303. Ibercaja Spain $30,051 328. Unigestion Switzerland $26,443 304. Commerce Trust U.S. $29,954 329. Gruppo Credito Emiliano Italy $26,329 305. Los Angeles Capital U.S. $29,878 330. Fiduciary Mgmt./Milwaukee U.S. $26,141 306. Ruffer13 U.K. $29,828 331. Lombarda China Fund Mgmt. China19 $26,028 307. AGF Mgmt. Canada $29,356 332. Tactical Global Mgmt. Australia $25,925 308. Davis Advisors U.S. $29,196 333. Vinva Australia $25,917 309. DuPont Capital U.S. $29,040 334. Kyobo Life Insurance South Korea $25,795 310. Brandes Investment U.S. $28,935 335. Callan U.S. $25,795 311. Lexington Partners U.S. $28,844 336. QBE Australia $25,554 312. Intermediate Capital Group5 U.K. $28,633 337. Yinhua Fund Mgmt. China19 $25,534 313. Lendlease Investment Mgmt. Australia $28,300 338. GoldenTree Asset Mgmt. U.S. $25,529 314. NH-CA South Korea $28,263 339. Manning & Napier U.S. $25,113 315. Angelo, Gordon U.S. $28,000 340. Perpetual Australia $24,940 316. ICMA Retirement U.S. $27,919 341. BTG Pactual Brazil $24,590 317. Eagle Capital U.S. $27,912 342. Commonfund U.S. $24,539 318. Kutxabank Spain $27,595 343. Hungkuk ITMC South Korea $24,404 319. Burgundy Asset Mgmt. Canada $27,474 344. Letko Brosseau Canada $24,240 320. ASB Capital Mgmt. U.S. $27,469 345. Westwood Holdings U.S. $24,229 321. Bankia Spain $27,097 346. UTI Asset Mgmt. India $24,170 322. AJO U.S. $27,060 347. Woodford14 U.K. $24,134 323. Beutel, Goodman Canada $27,048 348. Highland Associates U.S. $23,576 324. Dexus Australia $27,000 349. Knights of Columbus Asset U.S. $23,494 325. Greystone Managed Investments Canada $26,918 350. Canyon Partners U.S. $23,400

Ranking 2017 Firms 351 to 400

Rank Manager Market Total assets Rank Manager Market Total assets 351. Sarofim Group U.S. $23,185 376. Lindsell Train U.K. $18,792 352. Alger U.S. $23,097 377. Providence Equity U.S. $18,691 353. SCOR France $22,353 378. Kepler Fonds 6 Austria $18,419 354. Diamond Hill Capital U.S. $22,317 379. Glenmede Investment U.S. $18,316 355. EARNEST Partners U.S. $22,138 380. Bankinter Spain $18,222 356. Jackson Square Partners U.S. $21,779 381. Independent Franchise15 U.K. $18,187 357. ABSA Asset Mgmt. South Africa $21,767 382. Aristotle U.S. $18,012 358. Guardian Capital Canada $21,753 383. Canso Investment Counsel Canada $17,968 359. Co-operators Group Canada $21,706 384. Amalgamated Bank U.S. $17,813 360. Lansdowne Partners U.K. $21,305 385. Royal & SunAlliance U.K. $17,639 361. Portfolio Advisors U.S. $21,140 386. Hunt U.S. $17,496 362. Platinum Asset Mgmt. Australia $21,000 387. Polen Capital U.S. $17,422 363. Calamos Advisors U.S. $20,788 388. GPT Group Australia $16,945 364. China Post Fund China19 $20,297 389. PAAMCO Prisma Holdings U.S. $16,633 365. Bank of Comm. Schroders China19 $20,267 390. Value Partners Hong Kong $16,594 366. Tortoise U.S. $20,244 391. Wasatch Advisors U.S. $16,571 367. King Street Capital U.S. $20,200 392. T&D Asset Mgmt. Japan $16,485 368. Tongyang Investment Mgmt. South Korea $20,093 393. Sprucegrove Investment Canada $16,102 369. PAG Hong Kong $20,000 394. Harrison Street U.S. $16,061 370. Majedie Asset Mgmt. U.K. $19,660 395. Wiener Städtische Versicherung Austria $16,045 371. China Fund Mgmt. China19 $19,494 396. EdgePoint Investment Group Canada $16,000 372. Rongtong Fund Mgmt. China19 $19,459 397. Silvercrest Asset Mgmt. U.S. $16,000 373. International Value Advisers U.S. $19,094 398. Shinyoung ITMC South Korea $15,516 374. Kotak Mahindra Asset Mgmt. India $18,880 399. Charter Hall11 Australia $15,501 375. Grupo Novo Banco Portugal $18,803 400. Hexavest Canada $15,500

Ranking 2017 Firms 401 to 450

Rank Manager Market Total assets Rank Manager Market Total assets 401. Leith Wheeler Investment Canada $15,453 426. CIM Group U.S. $13,073 402. Luther King Capital U.S. $15,298 427. Renta 4 Spain $13,049 403. Adrian Lee & Partners U.K. $15,000 428. Troy Asset Management Ltd.16 U.K. $13,016 404. RWC Asset Mgmt.13 U.K. $15,000 429. Lupus Alpha Asset Mgmt. Germany $13,000 405. Gulf International Bank9 U.K. $14,700 430. Votorantim Asset Mgmt.6 Brazil $12,740 406. CQS U.K. $14,584 431. Sage Advisory Services U.S. $12,713 407. World Asset Mgmt. U.S. $14,474 432. Maple-Brown Abbott Australia $12,588 408. Iridian Asset Mgmt. U.S. $14,386 433. Polar Capital Holdings 5 U.K. $12,569 409. Hana Financial Group South Korea $14,140 434. Segall Bryant & Hamill U.S. $12,469 410. Cambiar Investors U.S. $14,009 435. Beach Point Capital U.S. $12,417 411. Synovus Financial U.S. $14,000 436. Mapfre Spain $12,375 412. Cantillon Capital Mgmt. U.S. $13,975 437. Hyundai investment AMC South Korea $12,335 413. Sit Investment U.S. $13,952 438. Banco BPI Portugal $12,179 414. Westfield Capital U.S. $13,927 439. Axiom Investors U.S. $12,116 415. Highland Capital (Texas) U.S. $13,828 440. Kairos Partners Italy $12,080 416. Gruppo Banca Carige Italy $13,712 441. QV Investors Canada $12,068 417. Hayfin U.K. $13,700 442. Close Brothers Group17 U.K. $12,067 418. WEDGE Capital U.S. $13,573 443. SulAmérica Investimentos Brazil $11,756 419. DB Asset Mgmt. South Korea $13,557 444. Paradice Investment Australia $11,744 420. Rockpoint Group U.S. $13,513 445. Polaris Capital U.S. $11,718 421. Perella Weinberg U.S. $13,463 446. KGAL Germany $11,718 422. Carnegie Investment Sweden $13,454 447. Tocqueville Asset Mgmt. U.S. $11,680 423. IBK AMC South Korea $13,326 448. Mitsui Fudosan Investment5 Japan $11,677 424. BOCI-Prudential Hong Kong $13,139 449. Opportunity Brazil $11,676 425. Ariel Investments U.S. $13,132 450. H/2 Capital U.S. $11,596

Ranking 2017 Firms 451 to 500

Rank Manager Market Total assets Rank Manager Market Total assets 451. Axis Mutual Fund India $11,563 476. KTB South Korea $10,231 452. KBS U.S. $11,541 477. Verde Asset Mgmt.18 Brazil $10,143 453. Stockbridge Capital Group U.S. $11,533 478. Garcia Hamilton U.S. $10,071 454. Westwood Global U.S. $11,344 479. Edinburgh Partners U.K. $10,062 455. IDFC Asset Mgmt. India $11,251 480. C.S. McKee U.S. $10,032 456. Unicaja Spain $11,151 481. Sustainable Growth Advisers U.S. $9,985 457. Longfellow Investment U.S. $11,123 482. Rockwood Capital U.S. $9,894 458. Cowen Investment U.S. $11,005 483. Affin Hwang Asset Mgmt.16 Malaysia $9,848 459. Aetos Capital U.S. $10,979 484. Brown Capital U.S. $9,702 460. Fisch Asset Mgmt. Switzerland $10,926 485. Caser Spain $9,700 461. Bahl & Gaynor U.S. $10,903 486. DRA Advisors U.S. $9,592 462. CornerStone Partners U.S. $10,870 487. Champlain Investment U.S. $9,524 463. CCLA Investment Mgmt. U.K. $10,847 488. Cooper Investors Australia $9,395 464. SPARX Group Japan $10,809 489. Bridgeway Capital U.S. $9,388 465. London Co. U.S. $10,683 490. Quadrant Real Estate U.S. $9,381 466. Impax Asset Management U.K. $10,649 491. Advent Capital U.S. $9,350 467. Westbrook Partners U.S. $10,637 492. Grupo March Spain $9,341 468. Millennium bcp Portugal $10,577 493. HI Asset Mgmt. South Korea $9,260 469. Seamark Asset Management Canada $10,500 494. Great Lakes Advisors U.S. $9,179 470. Opus Investment U.S. $10,478 495. Gruppo Bancario Credito Valtellinese9 Italy $9,141 471. Navigator Global Investments Limited Australia $10,460 496. Gruppo Bancario Iccrea Italy $9,135 472. Alte Leipziger Holding AG Germany $10,446 497. Midas AMC South Korea $9,097 473. Johnson Investment Counsel U.S. $10,421 498. TOBAM France $9,012 474. SkyBridge Capital U.S. $10,300 499. DGB AMC South Korea $8,929 475. Reichmuth & Co Switzerland $10,258 500. Yurie AMC South Korea $8,914

. This analysis is focused on Discretionary Assets under Management. These refers to assets managers take decisions on as opposed to assets they advises on. . Examples of assets which would not be consistent with the term 'discretionary assets under management' include the following: . Saving/Current Accounts . Assets under administration and custody . Money Market funds . Advisory portfolios . Assets held for purely transactional purposes . Company assets unrelated to investment business . Alternatives can include Private equity (including venture capital), Hedge funds, Funds of funds, Real estate, Infrastructure, Commodities, Real assets, Illiquid credit and Insurance-linked investments strategies. . The asset class Other mainly includes Multi-Asset portfolios, Balanced strategies, Overlay mandates and Absolute Return strategies.

. Factor Based Strategies are described as a rules-based strategy that selects securities according to fundamental or technical characteristics identified through research. Examples of factors are size, value, momentum, volatility, credit risk and quality. Factor-based strategies are sometimes called “Smart beta”. This definition excludes all enhanced and market-cap weighted strategies. . ESG Principles involve an investment approach where environmental, social and governance (ESG) criteria are partially or exclusively used in security selection. Examples of ESG factors are climate change, child- labor policies and executive pay. Includes socially responsible investing (SRI) and impact investing. . Passive assets under management refers to those assets invested in any strategy where an index is being tracked of any type, for example, the MSCI World, Barclays Global High Yield or Bloomberg Commodity Indices.

© 2018 Willis Towers Watson. All rights reserved. 50 SECTION 6 Footnotes 1 Based on a subset of asset managers in the 2017 ranking who provided relevant data for all years since 2013. 2 In order to keep the growth rate consistent, values were adjusted from last year due to new disclosures made available. 3 Definition of leading passive managers changed in 2014 to be more inclusive of global assets. Figures and charts have been amended retrospectively to reflect this. 4 Relates to non-U.S. managers only. 5 As of March 31, 2017. 6 As of February 28, 2018. 7 As of October 31, 2017. 8 As of November 12, 2017. 9 As of September 30, 2017. 10 As of May 31, 2018. 11 As of June 30, 2017. 12 As of May 30, 2017. 13 As of March 31, 2018. 14 As of May 31, 2017. 15 As of February 1, 2018. 16 As of April 30, 2017. 17 As of July 31, 2017. 18 As of March 29, 2018. 19 Information on Chinese fund managers was sourced from the available data from AMAC and survey responses.

The Thinking Ahead Group research team

Roger Urwin Tim Hodgson Bob Collie Liang Yin Marisa Hall

The Thinking Ahead Institute The Thinking Ahead Institute (TAI) is a global not-for-profit group whose aim is to influence change in the investment world for the benefit of the end saver. The Institute’s members comprise asset owners, investment managers and other groups that are motivated to influence the industry for the good of savers worldwide. It is an outgrowth of Willis Towers Watson Investments’ Thinking Ahead Group and more research is available on its website.

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